Marsh & McLennan May Be Bogged Down

Sandler O'Neill downgraded the insurance and consulting firm to Hold.

We are downgrading shares of Marsh & McLennan to Hold from Buy with a $39 price target for the following reasons: 1) the company's valuation is richer than its peers'; 2) its organic growth has been a little slower than peers' in recent quarters; and 3) Marsh & McLennan is undergoing a management transition.